Treasury and Education Announce 2010 School Bond AllocationTreasury and Education Announce 2010 School Bond AllocationRecovery Act Program Provides $11 Billion to Build Schools, Create Jobs Across the Country

Washington  The U.S. Department of Treasury and the Department of Education today announced $11 billion in allocation authority to issue qualified school construction bonds under the American Recovery and Reinvestment Act of 2009 (Recovery Act). Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.

"Recovery Act school construction bonds provide low-cost borrowing to build and upgrade schools, which is a win-win for communities across the country," said Deputy Treasury Secretary Neal Wolin. "The projects funded with these bonds create jobs today building modern schools to prepare our kids for the global economy of tomorrow."

"Preparing students to compete in the global economy requires improvements in all aspects of our nation's education system, including the environments in which they learn," added Education Deputy Secretary Tony Miller. "The Recovery Act is keeping teachers in the classroom and, through the construction bond program, making lasting investments in the quality of our schools. Our kids deserve no less."

Created by the Recovery Act, qualified school construction bonds help state and local governments obtain low-cost financing for much needed public school improvements and construction. Investors who buy these bonds receive Federal income tax credits at prescribed tax credit rates in lieu of interest. These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.

The Recovery Act provided for the issuance of $11 billion of qualified school construction bonds by states and large local educational agencies in 2009 and $11 billion in 2010. The 2010 allocations include $6.6 billion of bonding authority to the 50 states and the remaining $4.4 billion of volume cap to 103 large local educational agencies under a statutory formula tied to levels of federal education grant funding.

The full list of allocations by state can be found here.

2010 Allocations to States of Volume Cap for
Qualified School Construction Bonds

State/Territory

Total Dollar Allocation by State/Territory

Alabama

140,453,000

Alaska

28,163,000

Arizona

171,115,000

Arkansas

124,197,000

California

720,058,000

Colorado

95,686,000

Connecticut

98,431,000

Delaware

29,797,000

District of Columbia

0

Florida

81,038,000

Georgia

234,431,000

Hawaii

0

Idaho

39,379,000

Illinois

251,167,000

Indiana

182,583,000

Iowa

66,422,000

Kansas

82,984,000

Kentucky

138,870,000

Louisiana

140,525,000

Maine

41,368,000

Maryland

45,190,000

Massachusetts

157,361,000

Michigan

297,611,000

Minnesota

80,649,000

Mississippi

134,610,000

Missouri

146,348,000

Montana

31,838,000

Nebraska

35,294,000

Nevada

5,157,000

New Hampshire

29,797,000

New Jersey

215,904,000

New Mexico

62,037,000

New York

178,782,000

North Carolina

188,591,000

North Dakota

25,974,000

Ohio

293,763,000

Oklahoma

91,217,000

Oregon

109,096,000

Pennsylvania

286,677,000

Rhode Island

41,296,000

South Carolina

129,456,000

South Dakota

29,797,000

Tennessee

119,131,000

Texas

547,674,000

Utah

55,599,000

Vermont

24,236,000

Virginia

172,249,000

Washington

162,837,000

West Virginia

72,262,000

Wisconsin

100,459,000

Wyoming

24,589,000

American Samoa

10,614,000

Guam

10,838,000

Northern Marianas

6,824,000

Puerto Rico

0

Virgin Islands

9,576,000

Total

6,600,000,000

2010 Allocations to Large Local Educational Agencies
of Volume Cap for Qualified School Construction Bonds